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The October 2020 Budget was a stimulus Budget designed to soften the blow of COVID-19-related impacts for Australian individuals and businesses. It was an unprecedented budget for unprecedented times.
Six months on and the report card is largely positive. Unemployment is below the key 6% threshold, whilst GST, PAYG and corporate tax collections are healthy. Commodities, especially iron ore, are also strong due to huge demand and limited global supply. Economically we are in a much better position than the Government’s forecasts in October last year.
The focus of the 2021-22 Federal Budget is consolidating this positive picture. This year’s budget is designed to support the next phase of Australia’s business-led economic recovery and positions business at the centrepoint of Australia’s return to growth.
This includes measures to attract and retain the “best and brightest” talent in Australia, encourage workforce participation, reduce compliance costs, boost investment in innovation and digital capabilities, build confidence and certainty in the tax system, and encourage business investment. It is no surprise that tax measures play a key role in delivering this agenda.
Our detailed analysis of the tax and superannuation measures in the 2021-22 Federal Budget can be found under the headings below.
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